There are many reasons women fall into debt. Student loans, credit cards and mortgage payments all contribute to the debt load many women carry. While paying off debt can be challenging, the Internet has made it easy for women to access networks and resources that can help them become debt-free. Some networks aimed particularly at women in debt include the Women in Red Racers, the Women's Financial Network, and Debt Help for Women.
Women in Red Racers
The Women in Red Racers is an online network of more than 1,000 women from throughout the world who exchange advice on getting out of debt. Its name comes from the idea that each individual in the group is racing to pay off her debt as soon as possible. The group primarily interacts through message boards hosted by MSN Money. To join, members must disclose their general financial information and post updates on how well they are doing at paying off their debt. According to Good Housekeeping magazine, the community provides tips, feedback and encouragement for women and has helped its members pay off millions of dollars in debt since 2006.
Women's Financial Network
The Women's Financial Network is an online organization affiliated with Siebert Financial. It provides women with free tools needed to make educated financial decisions. The network offers an online course that helps women identify their debt problems, take action to reduce their debt and stay out of debt. In addition, the Women's Financial Network provides women with links to further reading, debt calculators and free debt-management worksheets.
Debt Help for Women
Debt Help for Women is a network that works with women to help them reduce their substantial credit card debt. It offers a free telephone consultation in which women can receive advice on reducing their debt quickly. By utilizing attorneys in this process, Debt Help for Women is able to come up with effective solutions and start women on a debt-free path. According to the network's website, women must live in an eligible state and have more than $10,000 in credit card debt to utilize its services.
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